Stablecoin

Solana

Pacific

Pilot

Read

<ul>
 <li>Palau has partnered with RNS.ID to launch a digital residency program on the Solana blockchain, allowing individuals to extend their visas and access restricted crypto exchanges.</li>
 <li>The program has implemented a thorough vetting process for applicants, including anti-money laundering checks and identity verification, to maintain its integrity.</li>
 <li>Despite some concerns, the initiative has seen a surge in applications, with over 7,338 digital residencies issued as of mid-June, generating substantial revenue.</li>
</ul>
<p>The Pacific island nation of Palau has partnered with <a href="http://rns.id" target="_blank" rel="noopener noreferrer nofollow">RNS.ID</a> to develop a digital residency program on the Solana blockchain, signaling an important milestone in the digital identity&nbsp; ecosystem.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://t.co/DfAGzubb56" rel="noopener noreferrer nofollow">https://t.co/DfAGzubb56</a> to soon launch Legal Digital IDs on Solana.<br><br>This marks the first time a sovereign nation issues legal identity on Solana.<br><br>On-chain digital IDs empower people to control their identities and instantly verify them with service providers.<br><br>The future is… <a href="https://t.co/BB9HIgElaJ" rel="noopener noreferrer nofollow">pic.twitter.com/BB9HIgElaJ</a></p>— RNS.ID <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f30f.png" alt="🌏" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@RNS_global) <a href="https://twitter.com/RNS_global/status/1816316977226604925?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 25, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The RNS.ID platform allows users to apply for a Palau digital residence card for a price starting at $248. These digital residency assets not only allow tourists to extend their visas for up to 180 days, but they also give an additional layer of anonymity for people who want to use cryptocurrency exchanges that may be prohibited in their native countries.</p>
<p><a href="https://solana.com/" target="_blank" rel="noopener noreferrer nofollow">Solana</a>, known for its fast and low-cost transactions, provides the scalability needed to handle the program. The blockchain’s features are well-suited to handling verification processes and secure storage of sensitive personal data, guaranteeing that digital IDs are both credible and resistant to fraud.</p>
<p>The program creates <a href="https://cryptonewsland.com/republic-of-palau-to-create-cbdc-with-ripple/" target="_blank" rel="noopener noreferrer nofollow">new opportunities</a> for those in countries with strict financial regulations to engage in the global cryptocurrency market. Furthermore, digital residency cards have been recognized by a wide range of organizations, from retail to online banking, demonstrating a growing adoption of blockchain-based identity solutions.</p>
<p>Despite the risk of abuse, the Palau government has put in place an effective vetting process for applicants, including anti-money laundering checks and identity verification, which can take up to 10 days to complete. This <a href="https://cryptonewsland.com/tron-takes-the-lead-in-developing-the-digital-identification-program-for-dominica-metaverse/" target="_blank" rel="noopener noreferrer nofollow">systematic strategy</a> seeks to protect the program’s integrity while also ensuring compliance with international standards.</p>
<p>As of mid-June, the RNS.ID program has experienced an increase in applications, with over 7,338 digital residencies issued, indicating a high market demand for blockchain-based digital identity solutions. This collaboration between Palau and RNS.ID on the Solana blockchain represents a significant step forward in the digitalization of citizenship and could serve as a model for other countries.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/palau-launches-phase-2-of-psc-stablecoin-pilot-with-ripples-xrpl-technology/" rel="noopener noreferrer nofollow">Palau Launches Phase 2 of PSC Stablecoin Pilot with Ripple’s XRPL Technology</a></li>
 <li><a href="https://cryptonewsland.com/republic-of-palau-to-create-cbdc-with-ripple/" rel="noopener noreferrer nofollow">Republic of Palau to Create CBDC With Ripple</a></li>
 <li><a href="https://cryptonewsland.com/ripples-xrp-ledger-ushers-in-new-age-of-transparency-with-palau-stablecoin-tracking/" rel="noopener noreferrer nofollow">Ripple’s XRP Ledger Ushers in New Age of Transparency with Palau Stablecoin Tracking</a></li>
 <li><a href="https://cryptonewsland.com/ripples-xrp-poised-for-6-price-point-pioneers-first-palau-stablecoin/" rel="noopener noreferrer nofollow">Ripple’s XRP: Poised for $6 Price Point,&nbsp; Pioneers First Palau Stablecoin</a></li>
 <li><a href="https://cryptonewsland.com/palau-explores-national-dollar-stablecoin-on-ripples-network/" rel="noopener noreferrer nofollow">Palau Explores National Dollar Stablecoin on Ripple’s Network</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/palau-embraces-blockchain-with-rns-id-digital/" rel="noopener noreferrer nofollow">Palau Embraces Blockchain with RNS.ID Digital Residency on Solana</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Palau Embraces Blockchain with RNS.ID Digital Residency on Solana

Crypto News Land

Andra artiklar publicerade 25 juli 2024

An enterprise-grade platform for digital asset management, Fireblocks, increases startup adoption...

Crypto Market Update: Ethereum ETF Launch Sparks XRP ETF Rumors while RCOF Keeps Running Hot

Ethereum Foundation Wallet Moves Huge Amount in Ether After 7 Years of Idleness

ZKX Unveils ‘Isolated Funds’ to Minimize Losses for Users

Ferrari Expands Cryptocurrency Payment to European Dealers, Post Launch in the US

VanEck Predicts Bitcoin’s 2050 Value

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!